智通财经APP讯，老铺黄金(06181)发布公告，该公司将于2026年1月15日派发中期股息每股9.59元人民 币。 ...

Core Viewpoint - The company, Lao Pu Gold, reported significant revenue and profit growth for the six months ending June 30, 2025, driven by brand influence and product innovation [1][2] Group 1: Financial Performance - The company achieved a revenue of 12.354 billion RMB, representing a year-on-year increase of 251% [1] - Profit attributable to owners reached 2.268 billion RMB, up 285.8% year-on-year [1] - Basic earnings per share were reported at 13.38 RMB [1] - Gross profit amounted to approximately 4.705 billion RMB, an increase of about 3.345 billion RMB from the previous year, reflecting a growth rate of approximately 223.4% [1] Group 2: Market Position and Brand Influence - The company has established a significant market advantage through its expanding brand influence, leading to substantial revenue growth from both online and offline channels [1] - Lao Pu Gold has been a pioneer in the ancient gold industry, being the first to introduce "gold inlaid diamonds" and "gold body with blue burning" products, setting industry trends [1] Group 3: Product Development and Innovation - The company has created over 2,100 original designs and holds 273 domestic patents, 1,505 copyrights, and 246 foreign patents [2] - Continuous product iteration and optimization have supported sustained revenue growth across channels [2] Group 4: Expansion and New Store Openings - As of June 30, 2025, the company opened 41 self-operated stores in 16 cities, including prestigious commercial centers [2] - New store openings include locations in Shanghai and Singapore, marking a significant step in the company's internationalization [2]

本文源自：财华网 回顾期內，集团毛利47.05亿元，同比增长223.4%。集团2025年上半年在单个商场平均实现销售业绩约 4.59亿元。非国际财务报告准则经调整净利润23.51亿元，同比增长290.6%。 【财华社讯】老铺黄金(06181.HK)公布，截至2025年6月30日止六个月，收入约123.54亿元(人民币,下 同)，同比增长251%；公司拥有人应占溢利约22.68亿元，同比增长285.8%；每股基本盈利13.38元。拟 派中期息9.59元。 ...

Core Insights - The company reported a significant increase in revenue and profit for the six months ending June 30, 2025, with revenue reaching 12.354 billion RMB, a year-on-year increase of 251% [1] - The profit attributable to shareholders was 2.268 billion RMB, reflecting a year-on-year increase of 285.8%, with basic earnings per share at 13.38 RMB [1] Revenue Growth - The company's revenue growth rate was approximately 251.0% during the reporting period [1] - Gross profit amounted to approximately 4.705 billion RMB, an increase of about 3.35 billion RMB compared to the previous year's gross profit of approximately 1.455 billion RMB, representing a growth rate of about 223.4% [1] Brand Influence and Market Position - The company has established significant brand influence and market advantages, leading to substantial growth in both online and offline store revenues [1] - The company has been a pioneer in the ancient gold industry for over a decade, creating a strong brand position and influence [1] - The company is the drafting unit for industry standards for ancient gold jewelry and was the first to launch "gold inlaid diamond" and "gold body with blue burning" products, setting industry trends [1] Online Sales Performance - Despite focusing primarily on offline sales, the company achieved remarkable online sales performance during the 2025 Tmall 618 event, ranking first in the gold category with sales exceeding 1 billion RMB, marking a first for a gold jewelry brand [1] - Total online sales during the reporting period reached approximately 1.943 billion RMB [1] Product Development and Innovation - The company has created over 2,100 original designs and holds 273 domestic patents, 1,505 copyrights, and 246 foreign patents, supporting continuous product iteration and optimization [2] - The company's self-research capabilities have enabled it to consistently launch competitive core products [2] Store Expansion and Internationalization - As of June 30, 2025, the company opened 41 self-operated stores across 16 cities, located in 29 prestigious commercial centers with strict entry requirements [2] - New store openings include locations in Shanghai and Singapore, marking a significant step in the company's internationalization process [2]

Core Viewpoint - The company reported significant growth in its mid-term performance, with substantial increases in sales, revenue, and profit figures, indicating strong market presence and product optimization efforts [1]. Financial Performance - Sales for the six months ending June 30, 2025, reached RMB 14.184 billion, representing a year-on-year increase of 249.4% [1]. - Revenue amounted to RMB 12.354 billion, showing a year-on-year growth of 251.0% [1]. - Gross profit was RMB 4.705 billion, reflecting a year-on-year increase of 223.4% [1]. - Profit for the period was RMB 2.268 billion, which is a year-on-year increase of 285.8% [1]. - Adjusted net profit under non-IFRS was RMB 2.351 billion, marking a year-on-year growth of 290.6% [1]. - The company proposed an interim dividend of RMB 9.59 per share [1]. Growth Drivers - The increase in revenue and gross profit was primarily driven by the company's expanding brand influence, which created significant market advantages leading to substantial growth in both online and offline store revenues [1]. - Continuous optimization and innovation of the company's products supported sustained revenue growth across both online and offline channels [1].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Laopu Gold Co., Ltd. 罈 ꎦ ꆄ肅⟧剣ꣳⰖ （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6181） 內幕消息 股 息 政 策 全 文 載 列 如 下： 「 股息政策 1、 目 的 老 鋪 黃 金股份有限公司（「本公司」）董事會（「董事會」）致力通過可持續的股息政 策（「本政策」），在 符 合 股 東 期 望 與 審 慎 資 本 管 理 兩 者 之 間 保 持 平 衡，同 時 為 股 東 提 供 可 預 見 的 合 理 回 報。 2、 原 則 本 公 司 每 年 度 保 持 兩 次 股 息 分 配。 建議採納股息政策 本公告乃由老鋪 黃 金股份有限公司 ...

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 老鋪黃金股份有限公司 | | 股份代號 | 06181 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止六個月的中期股息 | | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 9.59 RMB | | 股東批准日期 | 2025年11月18日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | ...

[Interim Results Summary](index=1&type=section&id=Interim%20Results%20Summary) Provides a high-level overview of the company's financial performance for the interim period, highlighting key growth metrics [Key Financial Data](index=1&type=section&id=Key%20Financial%20Data) For the six months ended June 30, 2025, the company achieved explosive growth, with significant increases in sales performance, revenue, gross profit, profit before tax, and profit for the period, including a **251.0% year-on-year revenue growth** and **285.8% profit for the period growth** Key Financial Data (Thousand RMB) | Indicator (Thousand RMB) | 2025 (Unaudited) | 2024 (Unaudited) | Year-on-Year Change (%) | | :----------------------- | :--------------- | :--------------- | :---------------------- | | Sales Performance | 14,183,643 | 4,059,026 | 249.4 | | Revenue | 12,354,239 | 3,520,185 | 251.0 | | Gross Profit | 4,705,208 | 1,454,982 | 223.4 | | Profit Before Tax | 2,963,687 | 780,396 | 279.8 | | Profit for the Period | 2,267,554 | 587,812 | 285.8 | | Share-based Payment Expenses | 83,298 | 14,016 | 494.3 | | Non-IFRS Adjusted Net Profit | 2,350,852 | 601,828 | 290.6 | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) Presents the company's interim condensed consolidated financial statements, including the income statement and balance sheet [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported substantial growth in revenue and profit, with **profit for the period reaching RMB2,267,554 thousand** and **basic earnings per share at RMB13.38** Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Thousand RMB) | Indicator (Thousand RMB) | 2025 (Unaudited) | 2024 (Unaudited) | | :----------------------- | :--------------- | :--------------- | | Revenue | 12,354,239 | 3,520,185 | | Cost of Sales | (7,649,031) | (2,065,203) | | Gross Profit | 4,705,208 | 1,454,982 | | Profit Before Tax | 2,963,687 | 780,396 | | Income Tax Expense | (696,133) | (192,584) | | Profit for the Period | 2,267,554 | 587,812 | | Basic Earnings Per Share (RMB) | 13.38 | 4.11 | | Diluted Earnings Per Share (RMB) | 13.34 | 4.11 | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and shareholders' equity significantly increased, with a notable rise in net current assets, reflecting expanded scale and enhanced financial strength Interim Condensed Consolidated Statement of Financial Position (Thousand RMB) | Indicator (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :----------------------- | :------------------------ | :-------------------------- | | Total Non-current Assets | 713,312 | 503,476 | | Total Current Assets | 12,749,826 | 5,833,282 | | Total Current Liabilities | 5,582,232 | 2,248,566 | | Net Current Assets | 7,167,594 | 3,584,716 | | Net Assets | 7,660,860 | 3,920,323 | | Total Equity | 7,660,860 | 3,920,323 | [Notes to the Interim Condensed Consolidated Financial Information](index=4&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) Provides detailed explanatory notes to the interim condensed consolidated financial statements, covering accounting policies, segment information, and key financial items [1. Company and Group Information](index=4&type=section&id=1.%20Company%20and%20Group%20Information) Laopu Gold Co Ltd is incorporated in China, with its H-shares listed on the Hong Kong Stock Exchange since June 28, 2024, primarily engaging in jewelry production, sales, and maintenance services - The company is incorporated in China, with its H-shares listed on the Main Board of the Hong Kong Stock Exchange since June 28, 2024[6](index=6&type=chunk) - The Group's principal activities are the production and sale of jewelry and the provision of maintenance and repair services[6](index=6&type=chunk) [2.1 Basis of Preparation](index=4&type=section&id=2.1%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with IAS 34, presented in RMB, with all figures rounded to the nearest thousand - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34[7](index=7&type=chunk) - Financial data is presented in RMB, with all figures rounded to the nearest thousand[7](index=7&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=4&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies for the interim financial information remain consistent with the prior year, except for the initial adoption of revised IFRS, which had no material financial impact - The accounting policies adopted in preparing the interim condensed consolidated financial information are consistent with those applied in the Group’s annual consolidated financial statements for the prior year, except for the initial adoption of revised International Financial Reporting Standards[8](index=8&type=chunk) - The adoption of the revised International Financial Reporting Standards had no material financial impact on the interim condensed consolidated financial information[9](index=9&type=chunk) [3. Operating Segment Information](index=4&type=section&id=3.%20Operating%20Segment%20Information) The Group operates as a single reportable segment, with management reviewing overall financial performance, and both Mainland China and overseas revenues showing significant growth, particularly overseas - The Group does not categorize its business units by services and products, operating as a single reportable operating segment[10](index=10&type=chunk) Revenue by Geographical Market (Thousand RMB) | Geographical Market | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :------------------ | :------------------ | :------------------ | | Mainland China | 10,757,701 | 3,232,628 | | Overseas | 1,596,538 | 287,557 | | Total | 12,354,239 | 3,520,185 | - For the six months ended June 30, 2025 and 2024, no revenue from sales to a single external customer or a group of external customers under common control accounted for 10% or more of the Group's revenue[13](index=13&type=chunk) [4. Revenue, Other Income and Gains](index=6&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) The Group's revenue primarily stems from goods sales, predominantly pure gold products, with growth in maintenance services and other income mainly from interest and government grants Revenue by Type of Goods or Services (Thousand RMB) | Type of Goods or Services | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :------------------------ | :------------------ | :------------------ | | Sale of Goods | 12,352,193 | 3,519,833 | | Maintenance and Repair Services | 2,046 | 352 | | Total | 12,354,239 | 3,520,185 | Revenue by Product or Service Type (Thousand RMB) | Product or Service Type | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :---------------------- | :------------------ | :------------------ | | Pure Gold Products | 12,345,875 | 3,518,820 | | Others | 8,364 | 1,365 | | Total | 12,354,239 | 3,520,185 | Other Income and Gains (Thousand RMB) | Other Income and Gains (Thousand RMB) | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Interest Income | 2,792 | 596 | | Government Grants | 173 | 183 | | Exchange Differences | – | 555 | | Total | 3,993 | 1,847 | [5. Finance Costs](index=8&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs significantly increased to **RMB42,207 thousand**, primarily due to a substantial rise in bank borrowing interest Finance Costs (Thousand RMB) | Finance Costs (Thousand RMB) | 2025 | 2024 | | :--------------------------- | :--- | :--- | | Interest on Bank Borrowings | 35,090 | 3,510 | | Interest on Lease Liabilities | 6,936 | 7,107 | | Others | 181 | 97 | | Total | 42,207 | 10,714 | [6. Profit Before Tax](index=8&type=section&id=6.%20Profit%20Before%20Tax) Profit before tax is calculated after deducting various expenses, including significantly increased cost of inventories sold, lease payments not measured as lease liabilities, equity-settled share-based payments, and employee benefit expenses Expenses Items (Thousand RMB) | Expense Item (Thousand RMB) | 2025 | 2024 | | :-------------------------- | :-------- | :-------- | | Cost of Inventories Sold | 7,649,031 | 2,065,203 | | Depreciation of Property, Plant and Equipment | 28,641 | 17,272 | | Depreciation of Right-of-use Assets | 88,424 | 63,214 | | Lease Payments Not Measured as Lease Liabilities | 816,840 | 192,944 | | Equity-settled Share-based Payments | 83,298 | 14,016 | | Employee Benefit Expenses (Wages and Salaries) | 323,550 | 202,004 | [7. Income Tax Expense](index=9&type=section&id=7.%20Income%20Tax%20Expense) The Group pays income tax based on rates in different jurisdictions, including China (25%), Hong Kong (8.25%-16.5%), Macau (3%-12%), and Singapore (17%), with a substantial increase in income tax expense for the period - Mainland China subsidiaries are subject to Enterprise Income Tax at a rate of **25%**[22](index=22&type=chunk) - Hong Kong profits tax is provided at a two-tiered tax rate of **8.25% to 16.5%**[23](index=23&type=chunk) Income Tax Expense (Thousand RMB) | Income Tax Expense (Thousand RMB) | 2025 | 2024 | | :-------------------------------- | :------ | :------ | | Current | 718,743 | 191,622 | | Deferred | (22,610) | 962 | | Total | 696,133 | 192,584 | [8. Dividends](index=9&type=section&id=8.%20Dividends) The company declared and paid a **final dividend of RMB6.35 per share for 2024** and proposed an **interim dividend of RMB9.59 per share for 2025** to reward investors - The company declared a final dividend of **RMB6.35 per share** for 2024 (totaling approximately **RMB1,096 million**), which has been fully paid[27](index=27&type=chunk) - The Board recommends an interim dividend of **RMB9.59 per share** for the six months ended June 30, 2025, subject to shareholders' approval[27](index=27&type=chunk) [9. Earnings Per Share Attributable to Owners of the Company](index=10&type=section&id=9.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Both basic and diluted earnings per share are calculated based on profit attributable to owners and the weighted average number of ordinary shares outstanding, showing significant growth this period Earnings Per Share Calculation | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :-------- | :--------------- | :--------------- | | Profit attributable to owners of the company (Thousand RMB) | 2,267,554 | 587,812 | | Weighted average number of ordinary shares outstanding during the period | 169,485,871 | 143,011,218 | | Weighted average number of ordinary shares for diluted EPS | 169,943,247 | 143,011,218 | [10. Inventories](index=11&type=section&id=10.%20Inventories) As of June 30, 2025, total inventories significantly increased to **RMB8,684,720 thousand**, primarily comprising finished goods, raw materials, and work-in-progress, to meet business growth demands Inventories (Thousand RMB) | Inventory Item (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :---------------------------- | :------------------------ | :-------------------------- | | Finished Goods | 5,530,415 | 2,547,046 | | Raw Materials | 2,032,615 | 837,219 | | Work-in-progress | 1,119,461 | 700,580 | | Total | 8,684,720 | 4,087,849 | - For the six months ended June 30, 2025, the amount of inventories written down to net realizable value was **RMB1,511 thousand**[36](index=36&type=chunk) [11. Trade Receivables](index=11&type=section&id=11.%20Trade%20Receivables) Trade receivables, mainly from store sales and online platforms, typically have 30 or 60-day credit terms, with **RMB844,463 thousand** outstanding as of June 30, 2025, predominantly due within one month Trade Receivables (Thousand RMB) | Trade Receivables (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :------------------------------- | :------------------------ | :-------------------------- | | Trade Receivables | 851,859 | 812,001 | | Less: Net Impairment | (7,396) | (10,785) | | Total | 844,463 | 801,216 | Ageing Analysis of Trade Receivables (Thousand RMB) | Ageing Analysis (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :----------------------------- | :------------------------ | :-------------------------- | | Within 1 Month | 533,417 | 643,547 | | 1 to 2 Months | 122,511 | 73,703 | | 2 to 3 Months | 168,423 | 49,881 | | Over 3 Months | 20,112 | 34,085 | | Total | 844,463 | 801,216 | [12. Trade Payables](index=12&type=section&id=12.%20Trade%20Payables) As of June 30, 2025, total trade payables amounted to **RMB503,844 thousand**, with most due within one month, reflecting short credit terms Ageing Analysis of Trade Payables (Thousand RMB) | Ageing Analysis (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :----------------------------- | :------------------------ | :-------------------------- | | Within 1 Month | 467,061 | 204,607 | | 1 to 2 Months | 34,633 | 17,862 | | 2 to 3 Months | 1,616 | 3,701 | | Over 3 Months | 534 | 2,027 | | Total | 503,844 | 228,197 | - Trade payables are generally settled within one to three months after the invoice date and are interest-free[41](index=41&type=chunk) [13. Interest-bearing Bank Borrowings](index=12&type=section&id=13.%20Interest-bearing%20Bank%20Borrowings) As of June 30, 2025, total interest-bearing bank borrowings substantially increased to **RMB3,183,029 thousand**, primarily unsecured bank loans to support business development Interest-bearing Bank Borrowings (Thousand RMB) | Borrowing Type | Effective Interest Rate (%) | Maturity | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :------------------- | :-------------------------- | :------- | :--------------------------- | :------------------------------- | | Bank Loans – Unsecured | 2.54-5.00 | 2026 | 3,183,029 | 1,373,461 | | Total | | | 3,183,029 | 1,373,461 | - All borrowings are denominated in RMB, except for **HKD78,000,000** which is denominated in HKD[43](index=43&type=chunk) [14. Share Capital](index=13&type=section&id=14.%20Share%20Capital) As of June 30, 2025, the company's share capital increased to **RMB172,676,700**, mainly due to the initial public offering and placing of new ordinary shares Share Capital (RMB) | Share Capital (RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :------------------ | :------------------------ | :-------------------------- | | Ordinary Shares of RMB1.00 each | 172,676,700 | 168,366,700 | - In 2024, **25,724,200 ordinary shares** were issued due to the initial public offering and the exercise of the over-allotment option[44](index=44&type=chunk) - In 2025, **4,310,000 ordinary shares** were issued due to the placing of new ordinary shares[44](index=44&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) Provides management's perspective on the company's operational and financial performance, strategic initiatives, and future outlook [Business Review](index=14&type=section&id=Business%20Review) Laopu Gold, as the leading brand in 'Ancient Gold Craftsmanship,' achieved substantial revenue and gross profit growth during the reporting period, driven by expanded brand influence, continuous product innovation, and active channel expansion - The company is certified by the China Gold Association as the "No 1 Professional Brand in Chinese Ancient Handcrafted Goldware"[45](index=45&type=chunk)[47](index=47&type=chunk) - Revenue for the reporting period was approximately **RMB12,354.24 million**, representing a year-on-year increase of approximately **251.0%**[45](index=45&type=chunk) - Gross profit amounted to approximately **RMB4,705.21 million**, a year-on-year increase of approximately **223.4%**[45](index=45&type=chunk) [Brand Influence and Market Advantages](index=14&type=section&id=Brand%20Influence%20and%20Market%20Advantages) The company has cultivated significant brand advantages in the ancient gold industry, maintaining top average revenue and sales per square meter in Mainland China, achieving online sales breakthroughs, and attracting a high-overlap luxury consumer base - In the first half of 2025, the average sales performance per single shopping mall was approximately **RMB459 million**, ranking first in average revenue and sales per square meter among single shopping malls in Mainland China[47](index=47&type=chunk) - During the 2025 Tmall 618 event, the Tmall flagship store topped the gold category sales performance list, with transaction volume exceeding **RMB1,000 million**[49](index=49&type=chunk) - Loyal members reached approximately **480,000**, an increase of **130,000** from the end of 2024[49](index=49&type=chunk) - The average overlap rate of consumers with the top five international luxury brands (e.g., Louis Vuitton, Hermès) was as high as **77.3%**, validating the brand's high-end positioning[49](index=49&type=chunk) [Continuous Product Optimization and Innovation](index=16&type=section&id=Continuous%20Product%20Optimization%20and%20Innovation) The company leads product development trends in ancient gold craftsmanship through original design and process innovation, holding over **2,100 original designs** and multiple patents, consistently launching competitive distinctive products - The company is the first brand in China to promote the "Ancient Gold Craftsmanship" concept, the first to launch "Pure Gold Inlaid Diamond" products, and the first to introduce "Gold Filigree Enamel" products[50](index=50&type=chunk) - As of June 30, 2025, over **2,100 original designs** have been created, holding **273 domestic patents**, **1,505 copyrights for works**, and **246 overseas patents**[51](index=51&type=chunk) [Channel Expansion and Store Optimization](index=16&type=section&id=Channel%20Expansion%20and%20Store%20Optimization) The company actively expanded its channels, operating **41 self-operated stores in 16 cities** as of June 30, 2025, successfully opening its first overseas store in Singapore, and entering 9 of the top 10 domestic commercial centers - As of June 30, 2025, the company operated **41 self-operated stores** across **16 cities**, all located in **29 renowned commercial centers**[52](index=52&type=chunk) - In the first half of 2025, the company entered **3 new commercial centers** and optimized and expanded **2 stores** in existing commercial centers[54](index=54&type=chunk) - On June 21, 2025, the Singapore Marina Bay Sands store opened, marking Laopu Gold's first overseas store[55](index=55&type=chunk) - The company has completed its entry into **9 of the top 10 domestic commercial centers**, with the remaining one (Shanghai Plaza 66) scheduled to open in mid-October 2025[55](index=55&type=chunk) [Outlook and Prospects](index=17&type=section&id=Outlook%20and%20Prospects) The company is confident in future growth, aiming to expand brand market momentum, continue original product design and process innovation, and pursue a 'brand internationalization and market globalization' strategy to become the world's leading gold brand - The company will consistently adhere to its brand positioning, expand brand market momentum, and continuously innovate in original product design and craftsmanship[56](index=56&type=chunk) - It is committed to a market strategy of "brand internationalization and market globalization," actively expanding market reach and scope[56](index=56&type=chunk) - The goal is to build the world's leading gold brand with significant intangible cultural heritage value and strong international competitiveness[56](index=56&type=chunk) [Revenue Analysis](index=18&type=section&id=Revenue%20Analysis) During the reporting period, revenue increased by **251.0% year-on-year to RMB12,354.24 million**, with store sales remaining the primary source, online platform revenue slightly increasing, pure gold products contributing almost all revenue, and strong growth in overseas business aligning with internationalization strategy - Revenue for the reporting period was approximately **RMB12,354.24 million**, an increase of approximately **251.0%** compared to the same period in 2024[58](index=58&type=chunk) - Same-store sales growth rate was approximately **200.8%**[60](index=60&type=chunk) [Revenue by Sales Channel](index=18&type=section&id=Revenue%20by%20Sales%20Channel) Store sales remain the main revenue source, accounting for approximately **86.9% of total revenue** with a **243.2% year-on-year increase**, while online platform revenue slightly grew to **13.1%**, increasing by **313.3%** Revenue by Sales Channel (Thousand RMB) | Sales Channel | 2025 Revenue (Thousand RMB) | 2025 Revenue Share (%) | 2024 Revenue (Thousand RMB) | 2024 Revenue Share (%) | Revenue Year-on-Year Change (%) | | :------------ | :-------------------------- | :--------------------- | :-------------------------- | :--------------------- | :------------------------------ | | Stores | 10,736,238 | 86.9 | 3,128,721 | 88.9 | 243.2 | | Online Platforms | 1,618,001 | 13.1 | 391,464 | 11.1 | 313.3 | | Total | 12,354,239 | 100.0 | 3,520,185 | 100.0 | 251.0 | [Revenue by Product/Service Category](index=19&type=section&id=Revenue%20by%20Product%2FService%20Category) Pure gold product sales contributed almost all revenue, growing by **250.9% year-on-year**, while other products and services revenue increased by **512.7%**, albeit from a very small base Revenue by Product/Service Category (Thousand RMB) | Product/Service Category | 2025 Revenue (Thousand RMB) | 2025 Revenue Share (%) | 2024 Revenue (Thousand RMB) | 2024 Revenue Share (%) | Revenue Year-on-Year Change (%) | | :----------------------- | :-------------------------- | :--------------------- | :-------------------------- | :--------------------- | :------------------------------ | | Pure Gold Products | 12,345,875 | 99.9 | 3,518,820 | 100.0 | 250.9 | | Other Products and Services | 8,364 | 0.1 | 1,365 | –* | 512.7 | | Total | 12,354,239 | 100.0 | 3,520,185 | 100.0 | 251.0 | [Revenue by Geographical Region](index=19&type=section&id=Revenue%20by%20Geographical%20Region) Mainland China revenue accounted for **87.1%**, growing by **232.8% year-on-year**, while overseas revenue, representing **12.9%**, surged by **455.2%**, demonstrating the effectiveness of the internationalization strategy Revenue by Geographical Region (Thousand RMB) | Geographical Market | 2025 Revenue (Thousand RMB) | 2025 Revenue Share (%) | 2024 Revenue (Thousand RMB) | 2024 Revenue Share (%) | Revenue Year-on-Year Change (%) | | :------------------ | :-------------------------- | :--------------------- | :-------------------------- | :--------------------- | :------------------------------ | | Mainland China | 10,757,701 | 87.1 | 3,232,628 | 91.8 | 232.8 | | Overseas | 1,596,538 | 12.9 | 287,557 | 8.2 | 455.2 | | Total | 12,354,239 | 100.0 | 3,520,185 | 100.0 | 251.0 | [Gross Profit Margin and Net Profit Margin](index=20&type=section&id=Gross%20Profit%20Margin%20and%20Net%20Profit%20Margin) Gross profit margin slightly declined to approximately **38.1%** due to rapid gold price increases, but non-IFRS adjusted net profit margin improved from **17.1% to 19.0%**, benefiting from economies of scale driven by explosive performance growth - From January to April 2025, gold prices rapidly increased unilaterally, with a rise of **21.53%**[66](index=66&type=chunk) - The company's gross profit margin for the reporting period slightly declined to approximately **38.1%** compared to previous periods[66](index=66&type=chunk) - The non-IFRS adjusted net profit margin increased from **17.1%** in the same period of 2024 to **19.0%**[66](index=66&type=chunk) [Selling and Administrative Expenses, etc](index=20&type=section&id=Selling%20and%20Administrative%20Expenses%2C%20etc) During the reporting period, selling and distribution expenses, administrative expenses, and R&D expenses all significantly increased, primarily due to business expansion, higher employee numbers and remuneration, and increased operational costs Expenses Items (Thousand RMB) | Expense Item (Thousand RMB) | 2025 | 2024 | Year-on-Year Change (%) | | :-------------------------- | :-------- | :------ | :---------------------- | | Selling and Distribution Expenses | 1,464,465 | 532,153 | 175.2 | | Administrative Expenses | 211,121 | 124,628 | 69.4 | | Research and Development Expenses | 24,511 | 6,555 | 273.9 | | Other Expenses, Net | 3,210 | 2,383 | 34.7 | | Total | 1,703,307 | 665,719 | 155.9 | [Selling and Distribution Expenses](index=20&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by **175.2% to RMB1,464.47 million**, mainly driven by higher mall rents and fees, as well as sales team expansion and increased remuneration - Over **97%** of selling and distribution expenses originated from mall rental fees, e-commerce platform transaction service fees, sales team employee costs, depreciation, and amortization[67](index=67&type=chunk) [Administrative Expenses](index=20&type=section&id=Administrative%20Expenses) Administrative expenses increased by **69.4% to RMB211.12 million**, primarily due to an increase in administrative staff and remuneration, along with higher bank charges and other expenses [Research and Development Expenses](index=21&type=section&id=Research%20and%20Development%20Expenses) R&D expenses increased by **273.9% to RMB24.51 million**, primarily due to an increase in R&D staff and remuneration to support product development capabilities [Other Expenses, Net](index=21&type=section&id=Other%20Expenses%2C%20Net) Other expenses, net, increased by **34.7% to RMB3.21 million**, primarily attributable to exchange losses [Income Tax Expense](index=21&type=section&id=Income%20Tax%20Expense) Income tax expense for the reporting period was approximately **RMB696.13 million**, a significant increase from the prior year, primarily due to higher profit before tax - Income tax expense for the reporting period was approximately **RMB696.13 million**, compared to approximately **RMB192.58 million** in the same period of 2024[73](index=73&type=chunk) - The increase in income tax expense was primarily due to the growth in profit before income tax expense[73](index=73&type=chunk) [Non-IFRS Financial Measure Adjusted Net Profit](index=22&type=section&id=Non-IFRS%20Financial%20Measure%20Adjusted%20Net%20Profit) To supplement IFRS, the company uses non-IFRS adjusted net profit, excluding share-based payment expenses, to better reflect operating performance, which showed substantial growth during the period - Non-IFRS adjusted net profit refers to net profit excluding share-based payment expenses[75](index=75&type=chunk) Non-IFRS Adjusted Net Profit (Thousand RMB) | Indicator (Thousand RMB) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :----------------------------- | :----------------------------- | | Profit for the Period | 2,267,554 | 587,812 | | Adjustment: Share-based Payment Expenses | 83,298 | 14,016 | | Non-IFRS Adjusted Net Profit | 2,350,852 | 601,828 | | Non-IFRS Adjusted Net Profit Margin | 19.0% | 17.1% | [Current Assets, Financial Resources and Gearing Ratio](index=23&type=section&id=Current%20Assets%2C%20Financial%20Resources%20and%20Gearing%20Ratio) The Group maintains prudent capital management, with significant increases in inventories, trade receivables, and cash and cash equivalents; operating cash flow was a net inflow after excluding gold procurement, and the gearing ratio slightly increased but remains reasonable - The Group adopts a conservative and prudent capital management and financial policy in its overall business operations[77](index=77&type=chunk) [Inventories](index=23&type=section&id=Inventories) Inventories increased by **112.5% from RMB4,087.85 million** at year-end 2024 to **RMB8,684.72 million** as of June 30, 2025, primarily to meet demand from store optimization, new store expansion, and performance growth, with inventory turnover days decreasing from 195 to 150 - The increase in inventories was mainly to meet the product increment demand for the company's store optimization, new store expansion, and performance growth[77](index=77&type=chunk) - Inventory turnover days decreased from **195 days** in 2024 to **150 days** in the reporting period[77](index=77&type=chunk) [Trade Receivables](index=23&type=section&id=Trade%20Receivables) Trade receivables increased from **RMB801.22 million** at year-end 2024 to **RMB844.46 million** as of June 30, 2025, with turnover days shortening from 25 to 12, mainly due to the adoption of self-checkout models in more directly operated stores - Trade receivables turnover days were **12 days**, a reduction from **25 days** in 2024[78](index=78&type=chunk) - The shortening of turnover days was primarily due to the company's implementation of self-checkout models in more directly operated stores within shopping malls[78](index=78&type=chunk) [Cash and Cash Equivalents](index=23&type=section&id=Cash%20and%20Cash%20Equivalents) Cash and cash equivalents increased from **RMB732.65 million** at year-end 2024 to **RMB2,515.84 million** as of June 30, 2025, primarily driven by sales collections and financing activities - The increase in cash and cash equivalents was primarily due to sales collections and financing activities[79](index=79&type=chunk) [Operating Cash Flow](index=23&type=section&id=Operating%20Cash%20Flow) Operating cash flow for the reporting period was a net outflow of approximately **RMB2,215.36 million**, which would be a net inflow of approximately **RMB154.05 million** if excluding the impact of proceeds used for gold raw material procurement - Operating cash flow for the reporting period was a net outflow of approximately **RMB2,215.36 million**[80](index=80&type=chunk) - Excluding the impact of approximately **RMB2,369.41 million** of placing proceeds used for gold raw material procurement, operating cash flow would be a net inflow of approximately **RMB154.05 million**[80](index=80&type=chunk) [Bank Loans](index=24&type=section&id=Bank%20Loans) Interest-bearing bank borrowings increased by **131.8% from RMB1,373.46 million** at year-end 2024 to **RMB3,183.03 million** as of June 30, 2025, primarily to meet product increment demand for store optimization, new store expansion, and performance growth - Interest-bearing bank borrowings increased by approximately **131.8%** compared to the end of 2024[83](index=83&type=chunk) - This increase was primarily to meet the product increment demand for the company's store optimization, new store expansion, and performance growth[83](index=83&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was approximately **43.10%**, an increase from **38.1%** at year-end 2024 - As of June 30, 2025, the Group's gearing ratio was approximately **43.10%** (December 31, 2024: **38.1%**)[82](index=82&type=chunk) [Material Investments, Acquisitions and Disposals](index=24&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) As of June 30, 2025, the company held no material investments and had no material acquisitions or disposals - As of June 30, 2025, the company held no material investments (each individual investment held did not constitute **5% or more** of the Group's total assets)[84](index=84&type=chunk) - For the six months ended June 30, 2025, the company had no material acquisitions or disposals[84](index=84&type=chunk) [Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The company has no specific plans for material investments or capital assets, other than expanding offline stores and establishing new overseas entities - The company has no specific plans for material investments or capital assets, other than expanding offline stores and establishing new overseas entities[85](index=85&type=chunk) [Pledges of Assets](index=24&type=section&id=Pledges%20of%20Assets) As of June 30, 2025, the company had no pledges of assets - As of June 30, 2025, the company had no pledges of assets[86](index=86&type=chunk) [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no contingent liabilities - As of June 30, 2025, the company had no contingent liabilities[87](index=87&type=chunk) [Exchange Rate Risk Management](index=24&type=section&id=Exchange%20Rate%20Risk%20Management) Management considers foreign currency exchange risk immaterial as most business transactions are completed in RMB; the company currently has no foreign currency hedging policy but monitors and considers hedging significant risks - Management considers foreign currency exchange risk to be immaterial, as most business transactions are conducted in Mainland China and settled in RMB[88](index=88&type=chunk) - As of June 30, 2025, the company had no foreign currency hedging policy but monitors foreign exchange risk and considers hedging when necessary[88](index=88&type=chunk) [Capital Expenditure](index=25&type=section&id=Capital%20Expenditure) Capital expenditure for the reporting period was approximately **RMB57.28 million**, primarily for new store openings and store upgrade renovations - Capital expenditure for the reporting period was approximately **RMB57.28 million**[89](index=89&type=chunk) - This was primarily used for new store openings and store upgrade renovations[89](index=89&type=chunk) [Human Resources, Employees and Remuneration Policy](index=25&type=section&id=Human%20Resources%2C%20Employees%20and%20Remuneration%20Policy) The company offers comprehensive remuneration and benefits, embraces diversity and inclusion, and uses equity incentive plans to attract and retain talent; as of June 30, 2025, the Group had **1,629 employees**, with sales and marketing personnel being the largest group - The company provides comprehensive remuneration and benefits, including wages, bonuses, maternity leave, and other allowances[90](index=90&type=chunk) - Equity incentive plans are used to motivate, attract, and retain outstanding talent[91](index=91&type=chunk) Employee Distribution by Function | Function | Number | Percentage of Total (%) | | :---------------- | :----- | :---------------------- | | Administrative | 363 | 22 | | Sales and Marketing | 719 | 44 | | Production | 526 | 33 | | Research and Design | 21 | 1 | | Total | 1,629 | 100 | [Restricted Share Unit Scheme](index=26&type=section&id=Restricted%20Share%20Unit%20Scheme) The company adopted a Restricted Share Unit Scheme on February 26, 2025, to attract, retain, and incentivize eligible participants by aligning their interests with the company and shareholders, with a total of **717,000 award shares** granted - The scheme aims to attract, retain, and reward eligible participants who contribute significantly to the Group's long-term growth, aligning their interests with those of the company and its shareholders[93](index=93&type=chunk) - A total of **597,000 award shares** were granted to **27 employees**, with an additional **120,000 award shares** granted to **21 employees**[94](index=94&type=chunk) - The maximum total number of H-shares that may be issued under the scheme's authorized limit is **9,477,486 H-shares**[94](index=94&type=chunk) [Events After the Reporting Period](index=26&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, no material events requiring further disclosure or adjustment occurred after the reporting period, other than those disclosed in this interim results announcement - As of the date of this interim results announcement, no material events requiring further disclosure or adjustment occurred after the reporting period[96](index=96&type=chunk) [Use of Net Proceeds from Listing](index=26&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) The net proceeds from the company's H-share listing, approximately **HKD957.1 million**, were primarily allocated to expanding the sales network; as of June 30, 2025, most funds were utilized as planned, with approximately **HKD62.3 million** remaining - The net proceeds from the global offering and the exercise of the over-allotment option totaled approximately **HKD957.1 million**[97](index=97&type=chunk) Use of Net Proceeds from Listing (Million HKD) | Intended Use of Net Proceeds | Allocation Percentage (%) | Net Proceeds Utilized as of June 30, 2025 (Million HKD) | Net Proceeds Unutilized as of June 30, 2025 (Million HKD) | | :--------------------------- | :------------------------ | :------------------------------------------------------ | :-------------------------------------------------------- | | Expanding Sales Network | 73.3 | 222.4 | – | | Maintaining Brand Positioning and Enhancing Brand Awareness | 11.3 | 12.9 | 18.6 | | Optimizing Internal IT Systems and Enhancing Automation and Informatization | 2.7 | 2.7 | 19.8 | | Strengthening R&D Capabilities | 2.7 | 1.3 | 23.9 | | General Working Capital and General Corporate Purposes | 10.0 | – | – | | Total | 100.0 | 239.3 | 62.3 | [Use of Net Proceeds from Placing](index=28&type=section&id=Use%20of%20Net%20Proceeds%20from%20Placing) In May 2025, the company completed a placing of **4,310,000 new H-shares**, generating net proceeds of approximately **HKD2,698.04 million**, primarily for core business development, including Mainland China store expansion, existing store optimization, and supporting same-store sales growth, with most funds utilized - The placing of **4,310,000 new H-shares** at a placing price of **HKD630.00 per share** generated net proceeds of approximately **HKD2,698.04 million**[99](index=99&type=chunk) Use of Net Proceeds from Placing (Million HKD) | Intended Use of Net Proceeds from Placing | Allocation Percentage (%) | Amount Utilized During Reporting Period (Million HKD) | Amount Unutilized as of June 30, 2025 (Million HKD) | | :---------------------------------------- | :------------------------ | :---------------------------------------------------- | :-------------------------------------------------- | | For Core Business Development | 80.0 | 2,058.43 | 100.00 | | - Mainland China Store Expansion | 20.7 | 558.00 | – | | - Optimization and Expansion of Existing Store Locations | 10.3 | 279.00 | – | | - Supporting Rapid Growth in Same-Store Sales | 49.0 | 1,221.43 | 100.00 | | For Replenishing Working Capital and General Corporate Purposes | 20.0 | 539.61 | – | | Total | 100.0 | 2,598.04 | 100.00 | [Interim Dividends](index=30&type=section&id=Interim%20Dividends) The Board recommends an interim dividend of **RMB9.59 per share** for the six months ended June 30, 2025, with the total dividend amount referencing **50% of the Group's undistributed profits** to reward investors - The Board recommends an interim dividend of **RMB9.59 per share** (June 30, 2024: nil)[103](index=103&type=chunk) - The proposed total dividend amount is referenced by the Board as **50%** of the Group's undistributed profits as of June 30, 2025[103](index=103&type=chunk) [Closure of Register of Members](index=30&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for attending the EGM and receiving interim dividends, the company will suspend H-share transfer registration from **November 13 to November 18, 2025**, and from **November 24 to November 27, 2025**, respectively - To determine the H-share shareholders entitled to attend the EGM, the H-share transfer registration will be suspended from **November 13 to November 18, 2025**[104](index=104&type=chunk) - To determine the shareholders entitled to receive the interim dividend, the H-share transfer registration will be suspended from **November 24 to November 27, 2025**[105](index=105&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) Outlines the company's commitment to maintaining high standards of corporate governance, including compliance with the Corporate Governance Code and securities trading standards [Corporate Governance Code](index=30&type=section&id=Corporate%20Governance%20Code) The Group is committed to high corporate governance standards and has complied with the Corporate Governance Code, with deviations noted for the combined roles of Chairman and CEO, and the dividend policy not yet being effective - The company has consistently complied with all applicable code provisions of the Corporate Governance Code[106](index=106&type=chunk) - Deviating from code provision C.2.1, the roles of Chairman and Chief Executive Officer are combined and held by Mr Xu, which the Board believes benefits the Group's management[107](index=107&type=chunk) - Deviating from code provision F.1.1, the Board has approved the proposed adoption of a dividend policy, which will only become effective after approval by the shareholders at a general meeting[108](index=108&type=chunk) [Standard Code for Securities Transactions](index=31&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company adopted the Standard Code for securities transactions by directors and supervisors as per Appendix C3 of the Listing Rules, with all directors and supervisors confirming compliance during the reporting period - The company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as its code of conduct for securities transactions by directors and supervisors[109](index=109&type=chunk) - Each director and supervisor has confirmed compliance with the required standards set out in the Standard Code throughout the reporting period[109](index=109&type=chunk) [Purchase, Sale or Redemption of Listed Securities or Sale of Treasury Shares](index=31&type=section&id=Purchase%20Sale%20or%20Redemption%20of%20Listed%20Securities%20or%20Sale%20of%20Treasury%20Shares) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, nor did they sell any treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[110](index=110&type=chunk) - As of June 30, 2025, the company held no treasury shares[110](index=110&type=chunk) [Audit Committee and Review of Interim Results](index=32&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, reviewed and confirmed that the Group's interim financial results for the six months ended June 30, 2025, comply with relevant accounting standards, rules, and regulations, with timely and appropriate disclosures - The Audit Committee, composed of three independent non-executive directors, has reviewed the company's interim results for the six months ended June 30, 2025[111](index=111&type=chunk) - The Audit Committee reviewed and concluded that the interim financial results comply with relevant accounting standards, rules, and regulations, and that appropriate disclosures have been made in a timely manner[111](index=111&type=chunk) - Ernst & Young, the auditor, has conducted an independent review of the Group's unaudited interim financial information[111](index=111&type=chunk) [Publication of Interim Results Announcement and 2025 Interim Report on HKEX and Company Website](index=32&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%202025%20Interim%20Report%20on%20HKEX%20and%20Company%20Website) This interim results announcement has been published on the HKEX and company websites, and the 2025 Interim Report, containing all required information, will be published and dispatched to H-share shareholders in due course - This interim results announcement is published on the HKEX website www.hkexnews.hk and the company's website www.lphj.com[112](index=112&type=chunk) - The 2025 Interim Report, containing all information required by the Listing Rules, will be published on the HKEX and company websites in due course and dispatched to H-share shareholders according to their chosen communication method[112](index=112&type=chunk) [Definitions and Glossary](index=32&type=section&id=Definitions%20and%20Glossary) This section provides definitions for key terms and phrases used in the interim results announcement to ensure clear understanding of the report content

Core Viewpoint - Lao Pu Gold (06181) experienced a decline of over 5% in the afternoon trading session, with a current price of 714 HKD and a trading volume of 1.057 billion HKD [1] Financial Performance - The company held a board meeting on August 20 to consider and approve its interim performance [1] - In a pre-profit announcement released at the end of July, Lao Pu Gold projected a sales performance of 14.3 billion RMB for the first half of the year, representing a year-on-year increase of 252% [1] - The adjusted net profit is expected to reach 2.36 billion RMB, reflecting a year-on-year growth of approximately 292% [1] Price Adjustment - Lao Pu Gold will implement a price increase for its products on August 25, with details based on actual pricing in online and offline stores [1] - This marks the second price adjustment for 2025, with the first adjustment announced in February, involving price increases ranging from 4% to 12%, which previously led to a surge in customer queues [1] - Huayuan Securities anticipates that this upcoming price adjustment will also generate significant customer interest, supported by stable gold price trends and expected profit margin performance [1]

Group 1 - The core viewpoint of the article highlights that Laopuhuangjin (06181) experienced a significant drop of over 5% in its stock price, trading at 714 HKD with a transaction volume of 1.057 billion HKD [1] - The company held a board meeting on August 20 to consider and approve its interim performance, with a pre-announcement indicating expected sales of 14.3 billion RMB for the first half of the year, representing a year-on-year increase of 252% [1] - Adjusted net profit is projected to reach 2.36 billion RMB, reflecting a year-on-year growth of approximately 292% [1] Group 2 - Laopuhuangjin plans to increase product prices on August 25, with details based on actual pricing in online and offline stores [1] - This price adjustment marks the second increase in 2025, following the first announcement in February, with price hikes ranging from 4% to 12%, which previously led to a surge in customer queues [1] - Huayuan Securities anticipates that this upcoming price adjustment will again generate significant customer interest, supported by stable gold price trends and expectations for profit margin performance [1]